Many different games have vastly different approaches to water. In Halo 3 you could walk underwater and goof off while aliens chucked grenades and plasma bolts at you. In Halo Reach water = death for anything, regardless of the fact you are a super warrior wearing an armored spacesuit. CoD will have interactive fishes, Minecraft explosives are nullified by water, and in almost every RPG game you can die of low oxygen.
So what should Destiny be like when it comes to water? Well first off we know that there will be wet places, like the swamps of old Chicago (reference to Bungie's early days?), and there will also be dry places, like the Moon. I think that water should be navigable, there is no reason why our super-fit and athletic Guardians cannot swim, and underwater "Easter Eggs" are a hallmark of games like Skyrim. Water also adds to the "reality" of the game. [b]Water is dark, it's a threat if you stay under too long, and it hides things. All of these are very conducive to an exciting exploration game.[/b]
But even if Destiny has interactive water, how should it work in combat?
I think it would be a neat thing if water made all bullets fired into/through water deal reduced damage, making melee and magic and grenades the choice weapons. Furthermore, having water add to your stealth would be awesome. Imagine swimming under a river while a pack of Fallen hover overhead on Pikes, then imagine the increased awesome of swimming straight up and highjacking one! ;)
Another sweet feature would be something straight out of ST Into Darkness, the option to drive your spaceship underwater, slowly submarine your way to the heavily guarded area, and then swim your guardian out an airlock and surface, all stealthy and badass.
No doubt water combat will make an appearance at some point in the Destiny series, or one of the COMET DLC packs [read the Activision/Bungie contract for more info], the question is whether or not we will see it in Destiny 1, and I really hope we do.
What would you want from interactive water?
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I think you covered almost everything. Acid rain might be cool.